The correction touched a low of $2.6650, which is still above $2.66, the 23.6 percent Fibonacci retracement on a five-wave rise from $2.4250 to $2.7325.

But the bearish divergence on the RSI indicator needs to be discounted further with a decline to $2.6150, the 38.2 percent level.

A rise above $2.7190 will extend to $2.7675, a high touched on June 3.

Copyright Reuters, 2011